Kizashi Buyback?

[jwstaton]

I've searched around on here, and haven't found an answer so I thought I would ask.

I bought a Suzuki Kizashi in February 2012.

Anywho, with all the news about Suzuki leaving the US car business, I gave the dealership a call.

They offered to buy back my car and take care of the loan.

I started asking questions about the negative equity, and how the loan was paid off - the young lady said that I would owe nothing and that the loan would been satisfied. She said they would make a deal with the bank and give me 29 days to get another car else where.

She made it a point to say that that the buy back offer was not related to the Suzuki bankruptcy, it was just something they did for their customers.

Now doesn't really jive with me. The car had a low resell value to begin with, and now with the recent announcement - it's even lower.

With me owing $24K on the car, and expecting at least $5K-$7K negative equity, how is that resolved? I know the dealership isn't going to do me any favors - someone will have to take a hit some where.

I asked her if they expected me to purchase a vehicle there, and she said "no" that would be a trade and not a buy back.

So is this a ploy to get me back into the dealership, and into another endless loan?

I did find an article, which I'm sure you guys have seen:
http://www.canadianbusiness.com/article ... ptcy-story

In that article it mentions, "It also will honor all buyback agreements currently in place with financial institutions" but I am not sure what that means.

All opinions are welcome!

[kizashigal]

The question would be if you have a good car with a warranty that is being honored, do you gain anything by having a buyout. Do you plan on keeping your car for a long time? What would you replace it with? Suzukis have never been high on depreciation value anyway with name recognition, so are you investing in the car, or just want a reliable vehicle. If they give all your money back that would be great, but ya gotta put it into something else.

[jwstaton]

The question would be if you have a good car with a warranty that is being honored, do you gain anything by having a buyout. Do you plan on keeping your car for a long time? What would you replace it with? Suzukis have never been high on depreciation value anyway with name recognition, so are you investing in the car, or just want a reliable vehicle. If they give all your money back that would be great, but ya gotta put it into something else.

I have no real issues with the car.

The main reason for the curiosity of a buy back, is to get out of the high interest loan that I signed on to when I purchased the car.

I was told at purchase, that after 6-8 months I could refinance at save money.

However, I was not told that the bank I went through does not offer refinancing. And with being upside down on the vehicle - no other banks are willing to do it either (and I totally understand).

Back then, even though it was just Feb of this year, I was in a position where my old car was dying and got terrible gas mileage. So I needed something reliable and agreed to pay the price for it.

I didn't even know the Kizashi existed until they showed it to me on the lot. I had seen concept drawings and art, but did not realize it had made it to production.

I have a great income, and have raised my credit score considerably. I believe I could get financing now for something else - but that's been a challenge with my existing loan. Most banks will not fund a 2nd note without a co-signer.

I have found a few other vehicles I am interested in and test drove. I believe they would fit my current needs better.

I'm just trying to determine if the offer is legit. They made it sound cut and dry. I've received letters before where dealers want to buy your car, and it's generally a ploy to get you into the dealership to buy/trade into something different.

Thanks for your input.

J

[ipaqxman]

Well how much have u put into the car so far? Down payment and already made monthly payments etc

[Justinp4pk]

I've searched around on here, and haven't found an answer so I thought I would ask.

I bought a Suzuki Kizashi in February 2012.

Anywho, with all the news about Suzuki leaving the US car business, I gave the dealership a call.

They offered to buy back my car and take care of the loan.

I started asking questions about the negative equity, and how the loan was paid off - the young lady said that I would owe nothing and that the loan would been satisfied. She said they would make a deal with the bank and give me 29 days to get another car else where.

She made it a point to say that that the buy back offer was not related to the Suzuki bankruptcy, it was just something they did for their customers.

Now doesn't really jive with me. The car had a low resell value to begin with, and now with the recent announcement - it's even lower.

With me owing $24K on the car, and expecting at least $5K-$7K negative equity, how is that resolved? I know the dealership isn't going to do me any favors - someone will have to take a hit some where.

I asked her if they expected me to purchase a vehicle there, and she said "no" that would be a trade and not a buy back.

So is this a ploy to get me back into the dealership, and into another endless loan?

I did find an article, which I'm sure you guys have seen:
http://www.canadianbusiness.com/article ... ptcy-story

In that article it mentions, "It also will honor all buyback agreements currently in place with financial institutions" but I am not sure what that means.

All opinions are welcome!

So..... is this and option for me. I bought my Kizashi about 9-10 months ago and my car has taken a huge hit with this hole chapter 11 thing. I owe about 21k on my car and the dam thing is worth on 12k!!!!!!!! its still practicly new with only 5k worth of miles. And iv been to three local dealerships here in Vermont and they all said they wont take it. Im desperatly trying to get out of this car. I had a peice of molding that had broke on the passager side, in front and it took two months to get the right one and get it put in, what will happen now that there banckrupt...
HELP PLEASE!!!!!! Hope this is true for me

[eatrocks]

yea i called my dealer and they knew nothing about a buyback. i had my sls appraised for 14k at one dealer and had to fight to get 18k at another. that was back in may. best thing to do is keep the kiz. its still under warranty. im finally going to debadge it today...that should increase the value by 10k

[jono6406]

Just bought mines last month and I'm gonna drive it like I stole it !!!

[jwstaton]

As I said in my post, he dealership said it was a service they offered to their customers, and not a result of the bankruptcy.

This is why I more or less considered it a ploy to get me back into the dealership, and into antother high interest endless loan.

[Apostol]

We are def keeping all three, Just cause Suzuki is backing out to us isn't enough of a reason for us to get rid of the cars that we love. You get so much for what you pay, no one else has these cars and we get comments left and right. We all have Rare, extinct, and extremely underrated cars that have had no issues. I feel like we landed on a gold mine for a car. So with that being said, nothing even crossed our minds of getting rid of them when we found out Suzuki was backing out. It's not like we were shocked that it happened, but we love there product so we aren't worried.

[chazyouwin]

Same here. Just considering ourselves very lucky to have had the opportunity to purchase and drive these excellent vehicles. Hoping they will continue to be sold in Canada so that in a couple of years, we can get another one.